Credit Cards Fuel Fastest Revolving Debt Growth Since 2022

Americans are again leaning more heavily on credit cards to finance everyday life. The Federal Reserve’s latest G.19 consumer credit report showed consumer credit increased at a seasonally adjusted annual rate of 5.8% in March, a significant acceleration from February’s 2.1% pace. For the first quarter overall, consumer credit expanded at an annualized rate of 3.2%, with revolving credit, which includes credit cards, emerging as the primary driver of the increase.